SEC Chairman Jay Clayton Resigns

SEC Chairman Jay Clayton will step down from his position at the end of the year.Wall Street regulator said in a statement on Monday.

Clayton's early departure gives President-elect Joe Biden the opportunity to quickly take control of the regulatory agency and build his regulatory team. 

Clayton will retire before his term expires.of office in June. Until Biden takes office, the role of SEC leader will likely fall to ultra-conservative Republican Commissioner Hester Pierce, who will serve as acting chair. Hester Pierce is a well-known supporter of cryptocurrencies and blockchain. She calls cryptocurrency – internet currency and proposed a plan to allow cryptocurrency startups to sell digital tokens without regulatory oversight. At the beginning of this year, she advocated the creation of a favorable regulatory environment for crypto businesses.

Under Clayton, the Commission viewed ICOs assale of unregistered securities and fined many crypto projects for violating the law during ICOs. Since the beginning of this year alone, the SEC has added $4.68 billion in fines to its coffers. Among the large companies fined – Telegram, Block.one, ICO Rating and Unikrn. 

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